02/04/2025
In recent years, Thu Thiem has witnessed strong development, emerging as a new financial center of HCMC, continuing from District 1 in its role as the economic heart of the city. With modern transportation infrastructure, luxurious mixed-use urban areas, and large-scale projects, Thu Thiem is gradually asserting its important position on the urban development map. In this article, Achieve Realty VN will introduce two plans for building a financial center in HCMC, aiming to transform Thu Thiem into a modern and dynamic financial hub of the region.
Overview of Thu Thiem Urban Area
The Thu Thiem Urban Area, located in the eastern part of HCMC, is one of the newly planned and rapidly developed urban areas in recent years. With its prime location, just across the Thu Thiem Bridge from District 1, this area offers a strategic view of the Saigon River, providing exceptional opportunities for economic and urban development. Thu Thiem is not only known as a new central area of the city but also as a mixed-use urban development project with a full range of high-end amenities, from commercial areas, office spaces for rent, and modern residential areas to entertainment zones, parks, and high-class real estate projects.
Projects such as The Metropole Thu Thiem, Empire City, and Sala Urban Area have elevated this region, turning Thu Thiem into a symbol of modernity and sustainable development. With key transportation routes such as Thu Thiem Bridge 1, Thu Thiem Bridge 2, and Metro Line 1 now in operation, Thu Thiem is gradually completing its infrastructure to become one of the key economic, financial, and cultural centers of HCMC in the future. Additionally, major infrastructure projects such as Metro Line 2 (currently under development) and the integrated transportation system have helped the area grow, making it an attractive destination for investors.
Notably, on March 28, 2024, the Thu Thiem pedestrian bridge officially began construction, marking an important step in connecting the Thu Thiem area with the center of HCMC. This bridge will not only facilitate movement but also promote tourism, enhance the public space, and highlight the beauty of the Saigon River. Thanks to these new infrastructures, the Thu Thiem area is increasingly asserting its position as a new economic and cultural development hub in HCMC.
Thu Thiem is planned to become an international financial district, with distinct areas designated for modern financial buildings, international financial institutions, and related services. This has attracted the interest of international investors, especially in fields such as banking, securities, insurance, and financial technology. With the construction of regulatory agencies, financial buildings, and supporting infrastructure such as financial monitoring and management centers, Thu Thiem will have a complete and modern financial system. This will not only support financial institutions but also create comprehensive financial services for businesses and individuals.
Restructuring the construction of Thu Thiem Financial Center
According to information from the HCMC Department of Finance, the research and field surveys have been thoroughly conducted, including close cooperation with the city's leadership and relevant agencies. Additionally, the department has consulted with industry experts and studied prominent international financial center models worldwide to find solutions suited to HCMC’s specific characteristics. Based on the results of the field surveys and the data gathered from international studies, the Department of Finance has proposed two plans for building an international financial center in Thu Thiem.
Plan 1:
Plan 1 proposes the construction of the financial center in a portion of the central business district (CBD) core within Subzone 1 of the Thu Thiem Urban Area. At the same time, part of District 1, located near the CBD core, will be integrated into Subzone 5. This plan aims to leverage the strategic connection between Thu Thiem and the existing central area of HCMC, creating a strong financial axis that meets the long-term development needs of the city. This arrangement also contributes to the creation of a tightly connected space between the new financial center and surrounding development areas, thus promoting sustainable growth and enhancing HCMC’s competitiveness both regionally and internationally.
In the Thu Thiem New Urban Area, the majority of the CBD core and functional areas such as Functional Zone 1, Functional Zones 2a, 2b, and 2c of the urban area are planned with a total area of up to 340 hectares. This is a strategic area, located in the heart of Thu Thiem, with the goal of becoming a key development area focusing on financial, commercial, and service activities, playing a crucial role in forming the international financial center of HCMC. This development will not only create modern living and working spaces but also promote economic growth and increase the real estate value of the area, while also establishing strong connections with other areas of the city and internationally.
Objective evaluation of Plan 1:
The HCMC Department of Finance evaluates that this plan has several notable advantages. First, the plan's alignment with approved urban planning ensures consistency in implementing the city’s development strategies. This not only facilitates quick execution but also ensures feasibility and coherence with HCMC’s long-term strategies and planning. The plan is also consistent with the proposal previously reported, demonstrating strong support from central agencies, thereby instilling trust and stability for investors.
Furthermore, the 340-hectare area of the financial center core (CBD) is a significant advantage when compared to renowned financial centers worldwide. With this scale, HCMC can build a sufficiently large international financial center capable of attracting both domestic and foreign investment. Its alignment with international financial centers will create better opportunities for connecting with global financial markets, positioning HCMC as an attractive destination for businesses and investors.
However, a downside of this plan is that the overall scale of the 340-hectare area is relatively small when compared to leading global financial centers. This limited area may pose challenges in meeting the growing development needs in the future as financial and commercial activities increase. The area may lack sufficient space to expand the infrastructure needed to support the financial center, making it more difficult to attract large financial firms and organizations. Additionally, the development of infrastructure such as high-rise buildings, commercial centers, and high-end office spaces could be constrained by this small area, reducing its ability to serve international clients and investors.
Therefore, although this plan has many strengths in terms of its alignment with planning and the ability to attract immediate investment, its small scale presents long-term challenges. HCMC will need to consider expanding space and infrastructure in the future to meet the demands of developing an international financial center, ensuring the sustainability and long-term growth of the area.
Plan 2:
In Plan 2, the arrangement of sub-zones and the financial center area in District 1 is similar to Plan 1, still including the central business district (CBD) core and surrounding areas. However, the main difference in this plan is that all the functional sub-zones in the Thu Thiem New Urban Area (except Subzone 8) will be used for the financial center, covering a total area of approximately 564 hectares. This increases the total area of the HCMC financial center to around 687 hectares, much larger than in Plan 1.
The total area of 687 hectares offers numerous advantages in developing an international financial center. With this scale, HCMC can undertake large-scale infrastructure development projects, build office complexes, commercial areas, financial centers, modern transportation infrastructure, and high-class public amenities. Developing a financial center as outlined in Plan 2 provides ample room for growth. The land-use criteria meet the requirements for constructing a world-class financial center, which would include complementary supporting services. This expansion not only creates conditions for the sustainable development of the area but also helps HCMC maintain its competitive position in Southeast Asia and globally. The vast area also presents opportunities to develop infrastructure projects and satellite urban areas, while expanding financial and commercial services to attract international businesses and major financial organizations.
Objective evaluation of Plan 2:
However, despite its large area, this plan also faces several challenges. Using all the functional sub-zones in Thu Thiem (except for Subzone 8) may encounter difficulties in maintaining a balance between the development of the financial center and the need for green spaces, parks, residential areas, and other public amenities. Transforming this area into an international financial center requires integrated planning and optimal land-use efficiency. Additionally, this plan still has the drawback of not matching the scale of successfully invested financial centers worldwide. Given the large investment scale, it will be challenging to mobilize the necessary investment resources to complete it in a short time. Building a large-scale financial center will require a strong financial strategy and the involvement of large investors, both domestic and international.
With its larger area and greater development potential, Plan 2 could create a robust and well-equipped financial center. However, to make this plan successful, HCMC will need a detailed plan and the ability to mobilize large investment resources, while ensuring sustainability and integrated development within the area.
Compared to Plan 1, the primary difference between the two plans is the size of the area. Both plans are similar in determining the core financial center and surrounding areas, but Plan 2 expands the area to 687 hectares, compared to only 340 hectares in Plan 1. This offers greater development potential for HCMC’s financial center, as it will not only meet the needs of financial institutions and businesses but also provide space for infrastructure projects and public amenities. However, both plans are based on planning approved by the relevant authorities and align with the directives of the Politburo.
The HCMC Department of Finance recommends selecting Plan 2, as the 687-hectare area will provide ample space to attract investment and develop into a modern international financial center. This proposal ensures the feasibility of the planning and aligns with the city’s long-term development strategies. Specifically, in the total area of 687 hectares, approximately 9.2 hectares of the 11 sub-zones in the core area of the Thu Thiem New Urban Area will be developed with financial center management agencies, judicial bodies, regulatory bodies, and modern financial buildings. These buildings will create a solid infrastructure, playing a key role in managing and overseeing the operations of the financial center, thus enhancing the operational efficiency and reputation of HCMC on the global financial map.
With Plan 2, not only will there be investment in financial infrastructure, but it will also be complemented by public amenities, office buildings, and green living areas, ensuring that this region will develop comprehensively, becoming an attractive destination for both domestic and international investors.
Key real estate projects creating value for Thu Thiem Financial Center
1. The Metropole Thu Thiem
Location:
The Metropole Thu Thiem is located in the heart of the Thu Thiem New Urban Area, one of the fastest-developing regions in HCMC. Its location is in close proximity to key infrastructure projects such as the Thu Thiem Bridge, metro lines, and extensive transportation networks, ensuring convenient connections to major economic areas of the city. This is a crucial factor in establishing Thu Thiem as a new financial center, driving the growth of businesses and international financial institutions.
With a riverfront location along the Saigon River, residents of The Metropole Thu Thiem will enjoy stunning views of the river and the city's prominent landmarks. Additionally, its strategic position provides easy access to vital transportation routes like Mai Chi Tho Boulevard, the HCMC-Long Thanh-Dau Giay Expressway, and the Thu Thiem Bridge, making Metropole Thu Thiem an ideal destination for residents and investors, while reducing commuting time and enhancing work productivity.
An ideal lving and working environment for the financial community:
The Metropole Thu Thiem, with its modern architecture, luxurious amenities, and comprehensive services, creates an ideal living environment not only for residents but also for investors and business professionals. With facilities such as a gym, infinity pool, relaxing spa area, and upscale restaurants, The Metropole Thu Thiem provides a fantastic space for relaxation after a busy workday. This creates a harmonious and comfortable environment that allows businesses and financial organizations to operate effectively and grow sustainably within a high-end community.
A vibrant economic environment, promoting investment:
The Metropole Thu Thiem attracts not only high-end residents but also serves as an ideal location for international businesses and financial institutions. The project is situated in an area with numerous office spaces for lease and business-serving infrastructure, while also offering access to professional financial services. The modern office buildings within the project will attract a wide range of financial businesses, banks, investment funds, and economic organizations, contributing to the growth and expansion of financial activities in this area.
Additionally, high-end amenities and services such as shopping malls, dining areas, community spaces, and landscaped gardens create an ideal living environment for residents and serve as a perfect setting for business professionals and investors to network, connect, and advance their business ventures.
2. Empire City
Location:
Empire City is one of the most prominent high-end real estate projects in HCMC today, thanks to its development potential and expected price increase. The Empire City complex is located in the Thu Thiem New Urban Area, District 2. With its strategic location, Empire City not only sits along the Saigon River but also connects directly to the central areas of the city and surrounding districts through major transportation routes such as Mai Chi Tho Boulevard and Thu Thiem Bridge. The convenience of this transportation network allows residents and businesses at Empire City to easily access key areas of HCMC, creating convenience in both work and daily life.
Empire City offers stunning views of the Saigon River and the central districts of the city, providing an ideal living and working environment that combines nature with modernity. With its vast area and green spaces, this project offers a comfortable living environment for residents while also creating a high-class working space for businesses.
A multifunctional complex meeting all living needs:
Empire City is a multifunctional complex that combines residential apartments, offices, shopping centers, and other high-end amenities. With its skyscrapers, luxury apartments, modern offices, and vibrant commercial areas, this project is set to become a major economic, commercial, and entertainment hub in HCMC.
One of the greatest benefits of Empire City is its integrated and high-class amenities, including an infinity pool, a modern gym, shopping areas, upscale restaurants, and entertainment zones. The services and amenities here will fully meet the needs of both residents and businesses, from basic conveniences to high-end requirements, creating an ideal living and working environment for those seeking luxury and comfort.
In particular, with direct connections to metro lines and major transportation routes in HCMC, Empire City enables residents and customers to save time on commuting, creating a convenient and efficient living space.
The significance of Empire City in shaping the Thu Thiem Financial Center:
Thu Thiem, with the presence of major infrastructure projects like Metro Line 2 and key bridges, is being planned to become the city's financial center. In this context, Empire City is one of the crucial "pieces" in building an international financial center in the eastern part of HCMC.
One key factor that enhances the value of Empire City is the development of the 88-story commercial tower, which is soon to be constructed in this area. The 88-story tower is a modern architectural project designed to become a vibrant trading, financial, and service hub. This tower will become a new landmark for HCMC, providing an ideal space for both international and local businesses. It will be a focal point for financial activities, international transactions, and conferences, contributing to a dynamic and modern economic environment. Along with office buildings and high-end commercial amenities, this shopping center will stimulate the development of the financial sector and attract investment into the Thu Thiem area.
Additionally, the development of phân khu The Monarch within Empire City is underway, with the goal of becoming one of the most luxurious and modern complexes in HCMC. The arrival of The Monarch will further enrich the infrastructure and amenities in Thu Thiem, creating an ideal living and working environment for both residents and businesses.
3. The arrival of Grand Marina Saigon luxury real estate on the international market
Location:
Grand Marina Saigon is one of the most prominent luxury condominium projects located in one of the most vibrant and prestigious development areas of HCMC. The project is situated next to the Saigon River, in the central financial district of District 1, an area that hosts a variety of high-end amenities, services, and city headquarters. This location is in a rapidly developing area with high real estate value, close to prominent commercial, entertainment, and cultural attractions such as the Opera House, Bach Dang Wharf, and Nguyen Hue Pedestrian Street.
The Grand Marina Saigon area in District 1 is not only distinguished by its prime location but also by its modern transportation system, which facilitates easy movement between central city areas. The project is located right at the Ba Son Station of Metro Line 1, one of the most important public transportation routes in HCMC, providing quick connections between District 1 and surrounding areas such as Thu Thiem, District 2, and the eastern part of the city. In addition, Grand Marina Saigon benefits from the presence of key bridges connecting different districts, such as the Thu Thiem 1 Bridge, Phu My Bridge, and various bridges between District 1 and District 2. This is especially important as HCMC continues to grow, with increasing demand for mobility and connectivity.
The strategic location of Grand Marina Saigon allows residents to easily access the city center, while enjoying a peaceful living environment away from the hustle and bustle of the main urban areas. Being near commercial centers, financial hubs, and high-end amenities has made it an ideal choice for affluent residents and investors.
The luxury value of Grand Marina Saigon:
Grand Marina Saigon is developed by reputable investors, featuring modern and luxurious designs. The apartments within this project are not only designed with open spaces to optimize natural light but are also equipped with high-end amenities, construction materials, and interior furnishings that meet international standards. This is a key factor in increasing the real estate value, as clients in the high-end segment demand not only a convenient living space but also a strict standard of design and quality.
As a luxury real estate project, Grand Marina Saigon attracts a significant number of international investors and high-net-worth individuals. Owning luxury real estate in a developing city like HCMC offers opportunities not only for domestic clients but also for foreigners seeking stable and long-term profitable investment opportunities. This makes the real estate value of Grand Marina Saigon likely to remain stable and increase over time, especially as the high-end property market continues to gain attention from international investors.
Despite being in the high-end real estate segment, the sale and rental prices for apartments at Grand Marina Saigon remain competitive compared to other luxury branded real estate projects in the region. This presents an opportunity for investors seeking luxurious real estate with stable potential returns in the future. With the development of the area and the factors related to transportation infrastructure, the real estate value of Grand Marina Saigon will continue to grow significantly in the near future.
The development of Grand Marina Saigon also serves as a strong signal for the growth of the Thu Thiem area, affirming the city’s position in the eyes of international investors and creating a real estate market full of potential. This can be seen as a convergence of economic, cultural, and commercial values, contributing to the creation of a modern financial center in HCMC in the future.
In summary, both plans for building a financial center in HCMC have their distinct advantages and disadvantages, with the primary difference being the scale of the area. Plan 2 offers a larger space, which provides more room for sustainable development in the future. The choice of which plan to adopt will depend on factors such as infrastructure, investment resources, and the ability to mobilize comprehensive financial projects to establish Thu Thiem as HCMC’s international financial hub. With strong support from the government and relevant authorities, this area is expected to attract more investment, solidifying the city's position in competing with other global financial centers.
With strategic steps and major projects underway in Thu Thiem, HCMC will gradually establish itself as a leading financial center, not only domestically but also in Southeast Asia. The future of this area looks very promising, and the Thu Thiem financial center will be a key driver in attracting international investment and promoting the city’s economic growth.
